WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND

The intelligent investor is a realist who sells to optimists and buys from pessimists.

BENJAMIN GRAHAM, The Intelligent Investor
Top 20 Equity Holdings AS OF 04/30/2024
Nestlé
4.35
Switzerland

Nestle SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company’s product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

BAE Systems PLC
3.63
Great Britain

BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Diageo PLC
3.58
Great Britain

Diageo plc produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

Kemira OYJ
3.16
Finland

Kemira Oyj is a global water chemistry company serving customers in water-intensive industries. The Company offers chemical products and integrated systems that help customers in the water-intensive pulp and paper industry, water treatment chemicals for municipalities and industrial customers, and chemical extraction and process solutions for oil and mining industries.

Rubis SCA
3.08
France

Rubis SCA distributes liquefied petroleum gas and stores bulk liquides. The Company stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also distributes liquefied petroleum gas (LPG) in Europe.

SCOR SE
2.87
France

SCOR SE offers life, accident, property/casualty, health, and special needs reinsurance. The Company offers services through subsidiaries in Europe, the Americas, Asia, and Africa. SCOR also holds real estate investments.

Safran SA
2.85
France

Safran SA manufactures propulsion, communications, defense, security, and aerospace equipment. The Company produces engines for airplanes, helicopters, missiles and launch vehicles, mobile telephones, printing terminals, broadband networks, landing gear, wheels and brakes, aircraft wiring, inertial navigation systems, optronics, avionics, and fingerprint biometric equipment.

Johnson & Johnson
2.81
United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

GSK PLC
2.48
Great Britain

GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.

Novartis
2.38
Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.

Megacable Holdings SAB
2.37
Mexico

Megacable Holdings SAB de CV provides cable television, Internet access, and telephone services.

Bank of America
2.32
United States

Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

DHL Group
2.31
Germany

DHL Group operates as a logistics company. The Company offers letter and parcel dispatch, express delivery, freight transport, supply chain management, and e-commerce solutions. DHL Group serves customers worldwide.

DBS Group Holdings
2.29
Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage . DBS Group also acts as the primary dealer in Singapore government securities.

Fresenius SE & Co KGaA
2.28
Germany

Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipement and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

FMC Corp
2.27
United States

FMC Corporation provides agricultural solutions. The Company offers herbicides, insecticides, and miticides, fungicides, harvest aids, and other crop chemicals used for seed corn, potatoes, sorghum, sweet corn, cotton, tobacco, sunflowers, grapes, and other related products. FMC serves customers worldwide.

United Overseas Bank
2.13
Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

Progressive Corp/The
2.06
United States

The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

Inchcape PLC
2.02
Great Britain

Inchcape PLC is a global automotive distributor and retailer. The Company acts as a vehicle and parts distributor in multiple markets. In these markets, Inchcape has exclusive responsibility for managing the value chain on behalf of a focused portfolio of premium and luxury brand partners. Over two thirds of the Group profit is derived from Asia Pacific and emerging markets.

Teleperformance SE
2.01
France

Teleperformance offers customer relationship management services. The Company operates call centers, conducts programs to attract new customers, offers customer service and technical support services, collects debts, offers market research services, conducts telemarketing, and develops customer relationship management software.

Total
53.25%
September 5th 2007

Worldwide High Dividend Yield Value Fund
is established

Country Allocations
AS OF 04/30/2024
Market Value
Number of Issues
Percent
Country
Equities
63,143,332
61
96.01
Developed Europe
36,121,017
29
54.92
Belgium
534,013
1
0.81
Finland
2,077,468
1
3.16
France
7,541,573
5
11.47
Germany
4,153,831
4
6.32
Netherlands
942,024
1
1.43
Sweden
3,609,124
4
5.49
Switzerland
6,460,725
4
9.82
United Kingdom
10,802,259
9
16.42
Developed Asia & Pacific
11,424,209
17
17.37
Hong Kong
1,390,539
4
2.11
Japan
7,125,785
11
10.83
Singapore
2,907,885
2
4.42
Emerging Markets
6,110,235
7
9.29
China
1,756,246
2
2.67
Mexico
2,543,693
2
3.87
South Korea
1,810,296
3
2.75
U.S. and Canada
9,487,871
8
14.43
United States
9,487,871
8
14.43
Hedging
0
0
Other Assets (Liabilities)
635,678
0.97
Net Cash
1,989,145
3.02
Total
65,768,155
100.00%

Size is often the Achilles heel of an investment management business. Our size allows us the flexibility to meaningfully invest fund assets in smaller and medium-sized companies.

TWEEDY, BROWNE
Market Capitalization AS OF 04/30/2024
% Equity
>$50 billion
41.66
$25 - $50 billion
3.24
$10 - $25 billion
4.93
$2 - $10 billion
41.05
<$2 billion
9.13
Sector Allocations AS OF 04/30/2024
% Equity
Communication Services
3.32
Consumer Discretionary
6.20
Consumer Staples
11.22
Energy
1.28
Financials
20.41
Health Care
12.17
Industrials
29.52
Information Technology
2.40
Materials
9.47
Real Estate
0.77
Utilities
3.23

The allocations of investments shown above reflect the Fund’s investments on the date indicated and may not be representative of the Fund’s current or future holdings.